European fund manager Patron Capital has acquired ‘Le Magnum’, an office building located in Levallois-Perret, Greater Paris, from the Deka-Immobilien Europa open-ended real estate fund for €71.5 mln.
The acquisition was made with the support of Cleaveland, Patron’s asset management partner, on behalf of the group's latest fund, Patron Capital V.
Built in 1994 and renovated in 2008-2009, the property offers 10,550 m2 of floor space and is fully leased to L’Oréal, the French cosmetic products manufacturer, until the middle of 2019. Patron plans to redevelop the building to provide a contemporary, high-quality headquarters office building.
Keith Breslauer, managing director of Patron Capital, said: 'Having raised €949 mln to invest in property and property-related investments in Western Europe, and with a history of over 18 years investing in France, we currently see significant potential in France and are actively looking to acquire further assets and platforms to grow our portfolio within this market.'
'This is a building with significant value creation potential in one of the most prime districts of Greater Paris,' added Dominique Bonin, co-founder of Cleaveland.
Patron represents approximately €3.4 bn of capital across several funds and related co-investments, investing in property, corporate operating entities whose value is primarily supported by property assets and distressed debt and credit related businesses.
